Daily Market Update: March 12, 2024

March 12, 2024

BTC is currently trading around $72,200 and ETH around $4,050.  Notable gainers in the last 24 hours are TON, XRP, and INJ.  The global crypto market cap is $2.84T, down 0.2% over the last day.  DeFi Total Value Locked is ~$103b and BTC dominance is around 54%.

US headline and core inflation increased 3.2% and 3.8%, respectively, over the last year in February, both 0.1 percentage points greater than expected.  The slightly higher than expected inflation is likely to keep the Fed on hold over the near-term as it gains greater confidence that inflation is indeed headed towards its 2% target.

Notable news includes: Israel’s central bank announced a New Israeli Shekel CBDC that has the potential to bear interest; Thai regulators stated they will allow money managers to launch private funds for US spot Bitcoin ETFs for institutional and high net worth investors; The UAE integrated Cardano blockchain technology to enhance the security of criminal investigations; President Biden released his 2025 budget proposal that attempts to close the digital asset wash sale loophole and implement a tax on crypto mining, though the budget proposal faces an uphill battle and Biden failed to get these measures included in prior year budgets; Coinbase filed a lawsuit against the SEC asking the court to grant its petition for review, overturn the SEC’s denial, and order the SEC to begin the rule making process; VanEck cut fees for its spot Bitcoin ETF to zero for the next year; CoinShares acquired Valkyrie’s ETF business; Telegram stated it is close to profitability and expressed interest in an IPO; the Layer 1 Foundation has been created to formalize the underlying BRC-20 fungible token standard; and, Gnosis Chain, which mirrors Ethereum, activated the Dencun hard fork yesterday.

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Brian Rudick, Senior Strategist | TwitterTelegramLinkedIn

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